The Financial Conduct Authority has appointed Robert Taylor as head of wealth management and private banking in its supervision division.
Outgoing head of wealth management and private banking Bob Ferguson is to join the FCA’s policy, risk and research division as a technical head of department.
Taylor was chief executive at Kleinwort Benson, the London-based private client banking group, until 2011.
He has worked in financial services for more than 20 years. His previous roles include head of private banking at Coutts, managing director of SG Hambros Bank & Trust and various roles at Merrill Lynch.
Taylor is currently chairman of the University for Creative Arts and the Whitechapel Gallery in east London and a director of the East London NHS Foundation Trust.
FCA director of supervision Clive Adamson says: “I am delighted Rob is joining our senior team at the FCA.
“He has an extensive knowledge of the market and strategic insight that will be extremely useful as we con-tinue to develop our new regulatory focus on the wealth management industry.
“The addition of such an experienced practitioner will be warmly welcomed by both FCA staff and the sector.”
Taylor will start his new role at the beginning of February and will report to FCA director of long-term savings and pensions Nick Poyntz-Wright.
Capital Asset Management chief executive Alan Smith says: “It is becoming increasingly common for the regulator to recruit individuals from commercial businesses rather than former civil servants as has historically been the case.
“These appointments are generally welcome as it is good to have people at the FCA who know what it is like to run a regulated business and will have a better understanding of firms’ viewpoints.”